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Borrowings

12 Months Ended

Jun. 30, 2025

Borrowings

Borrowings

Note 7: Borrowings

​

As of June 30, 2025, the Bank’s FHLB – San Francisco maximum borrowing capacity was approximately $504.1 million, which is limited to 40% of total assets reported on the Bank’s March 31, 2025 Call Report. This borrowing capacity was collateralized by pledges of certain real estate loans with an aggregate loan balance of $734.4 million and investment

securities of $4.7 million. As of June 30, 2025, the Bank’s borrowings from the FHLB – San Francisco were $213.0 million, with varying maturity dates through the year 2028. In addition, the Bank utilizes its borrowing facility for letters of credit and for the Mortgage Partnership Finance (“MPF”) program credit enhancement. The outstanding letters of credit were $8.5 million and the outstanding MPF credit enhancement was $216,000 at June 30, 2025. As of June 30, 2025, the remaining borrowing capacity with the FHLB – San Francisco was $282.3 million.

​

As of June 30, 2024, the Bank’s FHLB – San Francisco maximum borrowing capacity was approximately $516.0 million, which is limited to 40% of total assets reported on the Bank’s quarterly Call Report. This borrowing capacity was collateralized by pledges of certain real estate loans with an aggregate loan balance of $774.1 million and investment securities of $3.9 million. As of June 30, 2024, the Bank’s borrowings from the FHLB – San Francisco were $238.5 million, with varying maturity dates through the calendar year 2028. In addition, the Bank utilizes its borrowing facility for letters of credit and for the MPF program credit enhancement. The outstanding letters of credit were $16.0 million and the outstanding MPF credit enhancement was $216,000 at June 30, 2024. As of June 30, 2024, the remaining borrowing capacity with FHLB – San Francisco was $261.3 million.

​

In addition, as of June 30, 2025 and 2024, the Bank had $142.5 million and $208.6 million of borrowing capacity available from the discount window facility at the FRB of San Francisco, respectively, collateralized by investment securities of $24.8 million and $126.6 million, and loans held for investment of $227.0 million and $178.6 million, respectively. As of both June 30, 2025 and 2024, the Bank also had a borrowing arrangement in the form of a federal funds facility with its correspondent bank for $50.0 million. The Bank intends to request a renewal of its borrowing arrangement with the correspondent bank prior to maturity on March 31, 2026. As of both June 30, 2025 and 2024, there were no outstanding borrowings under the discount window facility or the federal funds facility.

​

Borrowings at June 30, 2025 and 2024 consisted of the following:

​

​	​	​	​	​	​	​
​	​	June 30,
(In Thousands)		2025			2024
​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	213,000	​	$	238,500
Other borrowings on finance leases	​	​	73	​	​	—
Total borrowings	​	$	213,073	​	$	238,500

​

As a member of the FHLB – San Francisco, the Bank is required to maintain a minimum investment in FHLB – San Francisco capital stock. At both June 30, 2025 and 2024, the Bank held a stock investment of $9.6 million, with no excess capital stock.

​

During fiscal 2025, the Bank did not purchase any FHLB – San Francisco capital stock; while during fiscal 2024, the Bank purchased $63,000 of FHLB - San Francisco capital stock. In fiscal 2025 and 2024, the FHLB – San Francisco distributed $835,000 and $793,000 of cash dividends, respectively, to the Bank.

​

The following tables set forth certain information regarding borrowings by the Bank at the dates and for the years indicated:

​

​	​	​	​	​	​	​	​
​	​	At or For the Year Ended June 30,					​
(Dollars in Thousands)		2025			2024
​	​	​	​	​	​	​	​
Balance outstanding at the end of year:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	213,000	​	$	238,500	​
Other borrowings on finance leases	​	$	73	​	$	—	​
​	​	​	​	​	​	​	​
Weighted average rate at the end of year:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​		4.59	%		4.88	%
Other borrowings on finance leases	​	​	4.50	%	​	—	%
​	​	​	​	​	​	​	​
Maximum amount of borrowings outstanding at any month end:	​	​	​	​	​	​	​
FHLB - San Francisco advances	​	$	249,500	​	$	242,500	​
Other borrowings on finance leases	​	$	84	​	$	—	​
​	​	​	​	​	​	​	​
Average short-term borrowings during the year with respect to:(1)	​			​			​
FHLB - San Francisco advances	​	$	121,888	​	$	127,506	​
​	​	​	​	​	​	​	​
Weighted average short-term borrowing rate during the year with respect to:(1)	​			​			​
FHLB - San Francisco advances	​		4.56	%		4.70	%

​

(1) Borrowings with a remaining term of 12 months or less.

​

The aggregate annual contractual maturities of borrowings at June 30, 2025 and 2024 were as follows:

​

​	​	​	​	​	​	​	​
​	​	June 30,
(Dollars in Thousands)		2025			2024
Within one year	​	$	163,000	​	$	145,500	​
Over one to two years	​		35,000	​		68,000	​
Over two to three years	​		5,073	​		10,000	​
Over three to four years	​		10,000	​		5,000	​
Over four to five years	​		—	​		10,000	​
Over five years	​		—	​		—	​
Total borrowings	​	$	213,073	​	$	238,500	​
Weighted average interest rate	​		4.59	%		4.88	%

​

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- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(3)(a))
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-Topic 942
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-Name Accounting Standards Codification
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